Question

I had a chapter 13 with 100% payoff to creditors. The chapter 13 payments were all timely and it was paid off early. I was permitted to continue the mortgage and 2d mortgage outside the chapter 13 and they are both current. The chapter 13 is now complete. Is there some way all this shows up on my credit reports and can contribute to a better score.

All Responses

There is one thing guaranteed about any form of bankruptcy and that is that they are a matter of public record (they are a legal action) and must be reported as such. When you filed under Chapter 13 (also known as "Wage Earner's Repayment Plan") your debt payments were already in arrears, and were being reported as same. Completing the repayments in the good fashion you did will be noted and may be looked on favorably, but the previous negatives will be on your credit report for a total of 7.5 years since they are part of your credit history.

Keep all credit payments on time all the time and the good points negate the bad. And I do suggest reading the articles here for more information on getting your score up. I did a Ch. 13 some years ago, so am speaking from experience---and the articles here helped me a lot.

Your Credit Scores Should Be Free. And Now They Are.

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